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The penalty relates to payments made by the insurer under the head 'sales marketing and business support.' During FY19, ICICI Lombard had incurred ₹709.57 crore under this head, of which the insurer said that about ₹35-37 crore was paid to individual agents of other insurers. Irdai said the insurer used agents of other insurers for event management activities, without adequate supporting documents, and failed to classify the activities as outsourced or report them in outsourcing returns. "By not classifying event management services as outsourced activity, the insurer failed to report these expenses in the Outsourcing Returns thereby avoiding regulatory scrutiny in time," IRDAI said in its September 7 order. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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